Lagos State government yesterday reversed the 2018 Land Use Charge and reverted to pre-2018 Land Use Charges method of valuation.
The state government disclosed this at a press conference addressed by the state’s commissioner for finance, Dr Rabiu Olowo. Flanked by his counterpart in the Ministry of Information and Strategy, Mr. Gbenga Omotoso, the finance commissioner said the state government had waived N5.6 billion penalties for those who defaulted in payment of Land Use Charge for the years 2017, 2018 and 2019, which according to the commissioner translates to a loss of revenue to the state.
Olowo said the new Land Use Charge Law 2020 is a product of series of stakeholders meetings and is designed to accommodate the agitations of Lagosians and reduce the financial pressure on citizens as it relates to Land Use.
The new law according to him reduces the penalties for defaulters from between 25 to 100 per cent to 10 to 50 per cent, there is also a 48 per cent reduction in the annual charge rates for different properties.
“Still on reductions, another major sector that had its charge reduced is the Agricultural sector, which annual charge rate for Agricultural land was reduced from 0.076 per cent to 0.01 per cent. This is an 87 per cent reduction from the old rate”.